PORTLAND, OR - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Glenbrook Apartments, a 406-unit, class B community, located in Beaverton, Oregon.
On behalf of ARA’s Portland-based office, Elizabeth Davis and Gail Neuburg exclusively represented the seller, Oregon based Glenbrook Partners Limited Partnership, in the transaction. The buyer, an affiliate of New York based Abacus Capital Group, purchased the asset in a targeted-market transaction for $33,700,000.
“Portland’s Westside close-in locations are experiencing some of the lowest vacancy rates in the country and the development pipeline is extremely constrained, so we will see more emphasis on improving existing properties as an investment strategy,” said Gail Neuburg, Principal.
Completed in 1980, Glenbrook Apartments is an institutional quality, garden-style apartment community. The property has a large footprint, located on 21.5 acres with a full amenity package and a strong location in Portland’s 217 Corridor, near the area’s top performing super-regional shopping center, Washington Square. At the time of sale, the asset was 95% occupied and 98% leased.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Jennifer Green, at jgreen@ARAusa.com or 503-575-9550.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com